Hello fellow Cardanians, It is my tentative understanding that in the United States, it is assumed that staking rewards are taxed as income the day they are added to a stakers address regardless of whether or not they make a formal transaction to withdrawal the rewards to their wallet per epoch payout. If this is correct, how would one best design a spreadsheet formula or api/script to calculate fair market value of ADA?
I have been using a combination of Coin Gecko's 180 day chart (which seems to possibly average the ADA daily price on the chart, but it's tedious to use the GUI) and Vipers staking calendar(https://viperstaking.com/ada-pools/staking-calendar-2021/).
Is there a canonical way for a website to, for example allow a user to enter their ADA staking address(es), and have the epoch payout spot price be calculated for each reward payout?
Also, does the spot price at the exact time of the rewards payment matter for establishing the fair market value, or does a daily average spot price from a major exchange suffice? I see on the Viper staking calendar, the exact UTC is included, but it would be very tedious to manually match up exchange chart UI spot price, as opposed to just finding the daily average.
Seems like a few apis/scripts, and a bit of professional tax reporting advice would be the way to go. Before I dig into designing something, I'd love to have some feedback to save time on non-compliant experiments/iterations.
I appreciate the help, peace and love! -CPG